Letter Agreement Amending Employment Terms Between GSE Systems, Inc. and Ravi Khanna (April 30, 2024)

Summary

GSE Systems, Inc. and Ravi Khanna have agreed to amend Mr. Khanna's employment terms. Effective April 30, 2024, Mr. Khanna is appointed as Chief Executive Officer and President, with his base salary increased to $350,000 per year. Both parties will work together to update the existing Employment Agreement to reflect his new role and responsibilities. All other terms of the original agreement remain unchanged.

EX-10.3 4 exh10-3.htm LETTER AGREEMENT, DATED APRIL 30, 2024, BY AND BETWEEN GSE SYSTEMS, INC. AND RAVI KHANNA

Exhibit 10.3

April 30, 2024

Ravi Khanna

c/o GSE Systems, Inc.

6940 Columbia Gateway Drive #470

Columbia, Maryland 21046

Re: Employment of Ravi Khanna (“Executive”)

Mr. Khanna:

As you are aware, GSE Systems, Inc. (the “Company”) and Executive entered into that certain Employment Agreement, dated January 1, 2019 (the “Agreement”), pursuant to which Executive is employed by the Company. All capitalized terms utilized but not defined herein shall have the meaning ascribed to them in the Agreement.

The Board of Directors of the Company has appointed you as the Chief Executive Officer and President of the Company and you have accepted the same. You and the Company have further agreed (i) your Base Salary will be increased to $350,000 per annum; and (ii) you and the Board of Directors of the Company will work together in good faith to revisit the terms of your Employment Agreement and make any and all agreed upon amendments commensurate with your new position and increased responsibilities.

All other terms of the Employment Agreement (as amended) shall remain in full force and effect.

Sincerely,

GSE SYSTEMS, INC.

By: /s/ Emmett Pepe

Emmett Pepe, CFO

ACCEPTED AND AGREED

/s/ Ravi Khanna

Ravi Khanna